Topgolf Callaway Brands (NYSE:CALY) CEO Oliver Brewer III Sells 67,474 Shares

Key Points

• CEO Oliver Brewer III sold 67,474 shares of Topgolf Callaway Brands at an average price of $18.30, reducing his direct ownership by 25.11% to 201,276 shares.
• CALY shares fell 3.0% to $17.07, despite the company reporting quarterly EPS of $0.39, which exceeded analysts’ $0.35 consensus estimate. Quarterly revenue declined 44.9% year over year to $612.2 million.
• Analyst sentiment remains mixed but leans toward “Hold,” with three Buy ratings and five Hold ratings; the average price target is $20.00, while recent targets range from $19 to $23.

Topgolf Callaway Brands Corp. (NYSE:CALY - Get Free Report) CEO Oliver Brewer III sold 67,474 shares of the company's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $18.30, for a total transaction of $1,234,774.20. Following the completion of the transaction, the chief executive officer directly owned 201,276 shares of the company's stock, valued at approximately $3,683,350.80. The trade was a 25.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Topgolf Callaway Brands Trading Down 3.0%

Shares of CALY traded down $0.52 during midday trading on Monday, hitting $17.07. The stock had a trading volume of 1,702,178 shares, compared to its average volume of 2,747,758. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 39.70 and a beta of 0.93. The firm has a 50 day moving average of $17.86. Topgolf Callaway Brands Corp. has a twelve month low of $8.00 and a twelve month high of $20.28.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.04. The company had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The firm's quarterly revenue was down 44.9% compared to the same quarter last year. On average, sell-side analysts predict that Topgolf Callaway Brands Corp. will post 0.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Weiss Ratings raised shares of Topgolf Callaway Brands from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Tuesday, May 12th. B. Riley Financial reissued a "buy" rating and issued a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. The Goldman Sachs Group increased their target price on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a "neutral" rating in a report on Wednesday, August 5th. KeyCorp raised their target price on shares of Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Finally, UBS Group lifted their price target on shares of Topgolf Callaway Brands from $15.00 to $19.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $20.00.

About Topgolf Callaway Brands

Topgolf Callaway Brands plc NYSE: MODG is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.

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